Most people want to have a productive life where they retire financially comfortable, and with enough free time to do the things important to them. The problem is, very few accomplish it and even worse, unless more people learn how to manage their money better very few ever will accomplish it. Would you agree with that? Well what would you say if we could show you a way to be debt-free including your mortgage, in 10 years or less, on your present budget, all while adding $100,000 or more to your retirement account. Would that make listening to what we have to say interesting to you?
Here's a quick example of how an IRA or 401k works from an Income Tax perspective:
Husband & Wife setting aside $6,000 per year into IRA accounts.
Tax savings - 33 1/3% tax bracket = $2,000
Savings plan - 20 years Total Taxes saved = $40,000
Accumulation at 20 years = $1,000,000 (assumed)
Withdrawals to equal interest earned so as to not deplete principal @7.5% =
$75,000 withdrawal per year
-25,000 Taxes Due
$50,000 Net available dollars
*NOTE: After only 2 years of withdrawals the government will be paid $50,000 in taxes which eliminates the deduction allowed during accumulation over 20 years.
In order to net $75,000 after taxes a withdrawal of $112,000 would be necessary, which would dip into principal and deplete the 1 million dollars.
So, what do you think? Whose retirement are you saving for? Yours or the Government's?
Let us show you how to eliminate your tax time bomb.